Retire Here, Not There: Virginia

Mountains, beaches, history and a mild climate

Virginia is home of the “half backs” —retirees from the north who tried Florida, decided it wasn’t for them, and then came halfway back up the coast.

With its richly varied landscapes, including the rolling Blue Ridge Mountains in the west and Atlantic coastline to the east, it is easy to see why Virginia draws these migrants. While hot and humid summers in Florida and other states further south can be tough on the over-65 set, Virginia offers a comparatively milder climate. “You can golf nine or 10 months of the year here,” says Robert G. Topping, a financial adviser at Covenant Wealth Advisors in Williamsburg, Va. Combine that with the state’s plethora of recreational activities and urban amenities, along with a healthy smattering of college towns, and advisers say retirees have a broad palette to choose from.

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Virginia has its financial perks, too. The median home here sells for $210,800, according to Sperling’s Best Places, and the average combined state and local sales tax rate in Virginia is just 5%, which puts it 44th in the nation, according to the Tax Foundation. And while cost-of-living in the state is 9.4% above the national average, it is far less pricey than many states to the north. Older professionals who are looking to continue working may also be in luck, as unemployment statewide is only about 5.5%.

As with any state, there are drawbacks. Millions of tourists descend on Virginia each year—Virginia Beach has more than 5 million annually, while Colonial Williamsburg gets about 1.7 million—making some areas less than ideal for retirees seeking a quieter retreat. On top of that, some of the most popular retirement spots are some of the state’s least affordable. In Williamsburg, for instance, the median home price is $297,500 and the cost of living is 31.6% higher than the national average, according to Sperling’s Best Places.

But that doesn’t mean retirees can’t find a beautiful beach community or mountain town without breaking the bank. With the help of financial advisers and natives of the Old Dominion State, MarketWatch.com identified four spots that have all the charm and natural beauty of historic Williamsburg, but at a fraction of the cost.

Virginia Beach

Virginia Beach is a popular spot for active retirees, especially former members of the military. The area is home to five military bases, including Norfolk’s large naval base. “We have one of the highest concentrations of military retirees in the country,” says Marc Davis, a spokesman for the city.

Many retirees flock to the city’s 35 miles of wide, sandy shoreline and other natural wonders such as the Back Bay National Wildlife Refuge, with its thousands of acres of marsh and dunes. Hikers can walk through trails along the waters in First Landing State Park, the most visited park in the state. And athletic types will find they’re not alone. The area hosts the nation’s longest running surf competition, and Men’s Health magazine ranked Virginia Beach as one of the fittest cities in America.

There is plenty to do beyond the beach. The heart of the city’s entertainment is Town Center, a 17-city block area with shopping, restaurants, music venues and the Sandler Center for the Performing Arts. When the grandkids come to visit, residents can take them to the Virginia Aquarium and Marine Science Center or the observation area in POW/MIA Flame of Hope Memorial Park, where they can watch fighter pilots do aerial acrobatics. That said, most of the city’s residential areas have a suburban feel, says Davis. “You can have a quiet retirement here but still have lots to do.”

This beach-meets-city lifestyle brings one big downside: crowds, especially in the summer on weekends. Each year, roughly 5.5 million visitors spend the night in the area, says Davis. But many retirees say they simply escape to the quieter suburbs to avoid the crowds. Escape is made easier by the fact that Virginia Beach has a large airport nearby.

By the numbers

Population: 437,994

Median home cost: $228,900

Cost of living: 14% higher than average

Unemployment: 5.3%

Sources: Sperling’s Best Places; Bureau of Labor Statistics

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Roanoke Valley, Virginia.

Roanoke

Nestled in the southwest corner of the state amid the Blue Ridge Mountains, Roanoke offers some of Virginia’s most beautiful landscapes, including breathtaking mountain views and wandering miles of rivers and creeks. The proximity to the mountains makes Roanoke a hiker’s haven, says Joyce E. Williams, a retired school administrator who lives in town. The Roanoke Appalachian Trail Club maintains more than 100 miles of trails in the area and there are also more than 20 miles of riverfront hiking and biking paths right in the city. An hour’s drive away is Smith Mountain Lake, which has 500 miles of shoreline and is popular among boaters. All this outdoor beauty comes at a significantly cheaper price than in mountain towns like Boulder, Colo., or Lake Tahoe: Retires will pay just $146,300 for the median home and the total cost of living is 11% lower than average.

Cultural activities in Roanoke are a step above some other outdoorsy spots in the state, too, says Williams. In addition to the symphony, ballet and opera, Roanoke is home to the new Taubman Museum of Art—designed by architect Randall Stout, who once studied under Frank Gehry. Exhibits of photography, painting and sculpture have attracted more than 300,000 visitors since the museum opened in late 2008.

While Roanoke does have its share of museums and stores, some residents complain the shopping could be better (many hit up Richmond, about 2 hours away, to get to more large department stores and other big-city shopping options). And the airport offers direct flights to just nine cities.

Still, Roanoke offers retirees many opportunities to get involved in the community, Williams says. There are neighborhood associations and retirement communities in the area that can help retirees easily integrate, she says. Volunteers can sign up with the well-regarded League of Older Americans, which helps disadvantaged seniors in the area, or become a docent at one of the city’s museums.

By the numbers

Population: 97,032

Median home cost: $146,300

Cost of living: 11.2% lower than average

Unemployment: 6.8%

Sources: Sperling’s Best Places; Bureau of Labor Statistics

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George Washington used this building in Winchester, Va., now a museum, as an office while nearby Fort Loudoun was being built in 1756.

Winchester

To understand the allure of Winchester, one must step back centuries. It was here that Quakers from Pennsylvania came to settle in 1732; here that George Washington had his first job, first military post, and first elected office; here that six Civil War battles were fought (the city, located near the point where Virginia, Maryland and West Virginia now meet, was so important to both sides during the war that it changed hands more than 70 times during the conflict). And it is here that the history-loving retiree should consider settling, residents say.

One can easily get lost in retro-thought in the 45-block historic district, which is lined with old red brick roads and dotted with landmark buildings from the 1800s. Many visitors are drawn to the Old Court House Civil War Museum, built in 1840, which now features 3,000 artifacts and an exhibit of soldier-written graffiti. There is also the George Washington Office Museum, an 18th-century building that’s devoted to the first president’s early years, and the Patsy Cline Historic House, the former residence of the legendary country singer.

Though retirees may enjoy all of these historic offerings, some say the slower pace and affordable lifestyle are just as important. The town has dozens of restaurants and shops and even a few art galleries, but residents describe the surrounding area as rustic—though it is only about 75 miles away from Washington, D.C. “It’s a small town with a rural countryside surrounding it,” says Renee Bayliss, the visitor and community relations specialist for Winchester-Frederick County. Some complain that Winchester is not only tiny, but pretty homogeneous. Nearly three in four residents are white, according to City-Data.com.

By the numbers

Population: 26,203

Median home cost: $179,700

Cost of living: 12.3% higher than average

Unemployment: 5.9%

Sources: Sperling’s Best Places; Bureau of Labor Statistics

Court Square in Charlottesville, Va.

Charlottesville

It’s no accident we’ve put two towns known for their past on this list—history is Virginia’s lifeblood. But living in Charlottesville is quite different from living in Winchester, largely because it is home to the top-rated University of Virginia, which gives the town a livelier, younger feel.

This is a place where many retirees proudly keep up with their studies. UVA offers the Osher Lifelong Learning Institute with courses ranging from “21st Century Retirement: Strategies for Women” to “Mediation: Why It Works.” There is also plenty of art and culture, says Brigitte Belanger-Warner, the director of sales & marketing at the Charlottesville Albemarle Convention & Visitors Bureau, including annual opera and book festivals as well as a lively, eclectic music scene. Independent bookstores and coffee shops line the student-filled pedestrian mall downtown. And Charlottesville sits in an award-winning wine region, a fact Thomas Jefferson, who brought the first vines to the area, might be proud of.

Charlottesville’s historic claims to fame include Thomas Jefferson’s Monticello estate and Ash Lawn-Highland, the home of President James Monroe. The Rotunda, UVA’s centerpiece, is a brick-and-white-columned building designed by Jefferson that is now a United Nations World Heritage site.

For the outdoors lover, Shenandoah National Park is a popular spot for hikers (although the Skyline Drive, which takes visitors through the park, gets crowded in the summer and fall). The Appalachian Trail, which runs through the area, is also a big draw. Charlottesville also has a major airport and two major hospitals.

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